To start a business from the ground it up can be very risky, time consuming and stressful. However, there are perks that can come along with owning a business, it can be rewarding, beneficial and advantageous. To start a business one should have a passion for what is being offered to the consumers, whether it is a service or a product. Nevertheless most importantly one should have a business plan that will hopefully produce a successful business. This paper will discuss the traditional entrepreneurial path, and what path Bill Gates the entrepreneur of choice followed and how Bill Gates achieved his success.
The Traditional Entrepreneurial Path:
The traditional approach in starting a business consists of researching the market and identifying the need of the particular service or product. Then it is important to select the industry of choice, research the various business and models within the industry of choice. The next step would be to conduct a market research to see where there may be an unmet or unsatisfied need; this could be in price or geographically. Then analyze the competition if there are any. Once these steps are completed then one can develop a preliminary business plan. This will more than likely take several weeks or months depending on what is being offered to the consumers.
Once the initial business plan is created more research may be required in order to acquire a more realistic potential for the business. Will what is being offered sell to the consumers? Depending on the outcome this may require an amendment to the business plan. Next how much will be needed to start this business once all the research is completed and where will it come from. Finally once everything is finalized, the type of business, the location, analyzing the competitors, revising the business plan if necessary, and securing the necessary funding then it is time to start the business.
The Business Venture Life Cycle:
A business venture life cycle... [continues]
Cite This Essay
(2011, 07). Entrepreneural Finance - Bill Gate. StudyMode.com. Retrieved 07, 2011, from http://www.studymode.com/essays/Entrepreneural-Finance-Bill-Gate-743985.html
"Entrepreneural Finance - Bill Gate" StudyMode.com. 07 2011. 07 2011 <http://www.studymode.com/essays/Entrepreneural-Finance-Bill-Gate-743985.html>.
"Entrepreneural Finance - Bill Gate." StudyMode.com. 07, 2011. Accessed 07, 2011. http://www.studymode.com/essays/Entrepreneural-Finance-Bill-Gate-743985.html.